Reinsurance News
Aston Lark Ireland acquires Marine & General Insurances DAC
25th February 2022
Aston Lark Ireland is to acquire Marine & General Insurances DAC. The deal, subject to regulatory approval, is being made for an undisclosed amount and will be the eighth acquisition made by Aston Lark Ireland, following its acquisitions of North County Brokers, O’Loughlin Insurance Group, McMahon Galvin Limited, Brady Burns & ... Read the full article
Acrisure Re names Duncan Ainsby as Head of Asia
25th February 2022
Acrisure Re, the reinsurance arm of the global insurance broker and fintech platform, has appointed Duncan Ainsby as Senior Vice President, Head of Asia, where he will be based in Hong Kong. He joins from WTW, where he held the role of Strategic Account Director for just under three years. Prior to ... Read the full article
US P&C saw $5.6bn underwriting loss in first nine months of 2021
24th February 2022
A new report from Verisk estimates that private US property and casualty insurers saw a $5.6bn underwriting loss in the first nine months of 2021. The report, authored by Verisk president of underwriting solutions Neil Spector and APCIA’s senior vice president for policy, research, and international Robert Gordon says that the ... Read the full article
Enstar Group reports net earnings in 2021 of $437m
24th February 2022
Enstar Group is reporting net earnings for 2021 of $437m. The company, in releasing its results, said that it had net investment income of $312m, with net unrealised gains of $178m. The latter is made up of $384m, offset by $206m of losses. In a statement, Enstar Group said the return on ... Read the full article
Lemonade’s loss ratio jumps in Q4
24th February 2022
Auto insurtech Lemonade has reported a gross loss ratio of 96% for the fourth quarter of 2021, up from 73% a year ago, and 77% in the third quarter of 2021. The company attributed the increase to an unfavorable prior period development due to a handful of older large losses for ... Read the full article
Gallagher Re names new executive vice president in North America
24th February 2022
Gallagher Re has hired Megan McConnell to be its new executive vice president in North America. McConnell will begin her new role in Boulder, Colorado at the beginning of March. She will be joining from Hiscox, where she was CUO. Jim Bradshaw, CEO of North America, Gallagher Re, said: “We are ... Read the full article
Liberty Mutual reports 10.1% increase in yearly revenues
24th February 2022
Liberty Mutual Holding Company has reported a 10.1% increase in its total revenues between FY 2020 and FY 2021. The firm, in posting its results, said that its revenues in 2021 were $48,200m, up from $43,796m the year before. However, revenues in Q4 2021 were only 3.6% higher than they had ... Read the full article
United (UPC) narrows loss in final quarter of ‘transition year’
24th February 2022
Property and casualty insurance holding company United (UPC Insurance) has reported a net loss of $2.3 million for the fourth quarter of 2021, which has been termed a “transition year” for the company as it attempts to reshape its operations. The Q4 loss compares with a much larger loss figure of ... Read the full article
FEMA taps capital markets for $450m of flood reinsurance for NFIP
24th February 2022
The U.S. Federal Emergency Management Agency (FEMA) has again turned to the capital markets to secure an additional $450 million of reinsurance for the National Flood Insurance Program (NFIP), via its fifth FloodSmart Re Ltd. catastrophe bond transaction. The issuance of FloodSmart Re Ltd. (Series 2022-1), FEMA's special purpose insurer, ... Read the full article
GIBA names Aon’s Paul Sykes as Deputy Chair
24th February 2022
The Guernsey International Business Association (GIBA) has appointed Paul Sykes, Managing Director at Aon, as its new Deputy Chair. Sykes has worked with Aon for over 25 years and has helped develop businesses for Aon and the White Rock Group in Guernsey, Gibraltar and Malta. He is the former Chairman of the ... Read the full article
Cowbell Cyber and Smart Choice to team up
24th February 2022
Cowbell Cyber and Smart Choice are to partner up to help distribute cyber coverage and risk monitoring services. Under the arrangement, Smart Choice's network of 9,000 agency partners across 45 states will have access to Cowbell Prime 100, Cowbell's flagship standalone and admitted cyber insurance product. Smart Choice said in a statement ... Read the full article
RiverStone and MS Amlin enter $266m split RITC
24th February 2022
Legacy reinsurance and run-off specialist, RiverStone International, has agreed with MS Amlin Underwriting to undertake a split reinsurance-to-close (RITC) transaction of the UK property and casualty portfolio of the 2019 and prior years of account of MS Amlin’s Syndicate 2001 at Lloyd's. RiverStone International will undertake the split RITC through its ... Read the full article
AXA to transform holding company into Group’s internal reinsurer
24th February 2022
AXA S.A., the holding company of French insurer AXA Group, is to be transformed into the company's internal reinsurer via a merger with the Group's current captive internal reinsurer. Under the plans, AXA S.A. will become a licensed reinsurance entity once it has absorbed AXA Global Re, the existing captive. The idea ... Read the full article
Life insurers likely to maintain capital, despite post-Brexit Solvency II reforms
24th February 2022
UK life insurers are likely to maintain strong capital commensurate with ratings despite the reduction in capital requirements born by Solvency II, says a new note from Fitch. According to the agency, the UK government announced plans in February to help free up £10bn of capital, with encouragement for it to ... Read the full article
Fitch predicts €5bn insured losses from recent Europe storms
24th February 2022
Analysts at Fitch Ratings are estimating that a series of recent storms that battered much of northern Europe will together cause gross insured losses of as much as €5 billion. Storms Dudley, Eunice and Franklin caused widespread wind and flood damage last week with particularly severe impacts in the Germany, the ... Read the full article